The former secretary-general of the Gold Division, Nageeb Najieb, stated that the best options for investing in gold are the gold bullion, followed by gold sovereigns, due to lower manufacturing costs compared to other gold jewelry.
He explained that the local gold price witnessed a significant decline on Wednesday across the markets, influenced by the global decline in gold prices.
The price of 21-karat gold recorded approximately LE3,775, down from LE3,820.
This decline represents a good opportunity to buy at the present time, he said, expecting the gold price to rise again both locally and globally within the near future.
Najieb pointed out that the global gold price declined due to a weak demand for gold, owing to a lack of liquidity.
The price of an ounce recorded $2639, down from $2665.
